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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Higher Spend Concentration + Accelerating posture

Aerospace, Defense & Mission-Critical Components

Higher Spend Concentration + Accelerating · $221.3B disclosed spend · led by Geographic Expansion plays · activity accelerating across 67 public buyers.

Active acquirers add scarce certifications, program positions, and aftermarket relationships through repeat bolt-ons.

Geographic Expansion dominantSpend HHI 874Accelerating +67

Disclosed acquisition spend is above the atlas median HHI (576), while recent activity is accelerating.

Public buyers

67

39 core (10+)

Recorded buys

590

87 last 3 yrs

Disclosed spend

$221.3B

$32.8B recent

Matched issuers

103

1 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 26%
Platform 23%
Bolt 21%
Horiz 18%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

2% mix

Small additive deals folded directly into the existing business.

Bolt On

21% mix

Mid-sized acquisitions extending the existing product or service core.

“We maintain a selective acquisition strategy, concentrating on proprietary commercial aerospace component businesses with significant aftermarket content where we see a clear path to value creation through the application of our three core value drivers.”

TransDigm Group Incorporated (TDG) · FY2025

Platform

23% mix

Foundational deals establishing a new platform or business line.

“•consolidating corporate and administrative infrastructures and eliminating duplicative operations and inconsistencies in standards, controls, procedures and policies;”

V2X, Inc. (VVX) · FY2023

Geographic Expansion

26% mix

Buying density or new geographies to extend the footprint.

“Acquisitions have been an important element of our growth strategy over the past thirty-five years”

Heico Corporation (HEI) · FY2025

Horizontal Consolidation

18% mix

Acquiring direct competitors to consolidate the market.

“We have historically achieved a portion of our growth through acquisitions and expect to evaluate selected future acquisitions as part of our strategy for growth.”

Ducommun Incorporated (DCO) · FY2025

Vertical Integration

0% mix

Adding upstream or downstream capability inside the value chain.

“Our growth strategy includes organic and inorganic expansion.”

Voyager Technologies, Inc. (VOYG) · FY2025

Technology Acquisition

9% mix

Buying products, IP, or engineering depth for capability gain.

“We have made in the past and plan to continue to make equity or asset acquisitions and investments in companies and technology ventures that we believe complement our business.”

Elbit Systems Ltd. (ESLT) · FY2012

Talent Acquisition

1% mix

Acquisitions led by team or human-capital rationale.

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$1M$10M$100M$1B$1M$10M$100M$1B$10Bmedian annual $98Mmedian total $477MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)RTXRTX Corporation (RTX) Bolt On $40.1B total · $3.1B / active year 13 active years · 13 buys reportedNOCNorthrop Grumman Corp. (NOC) Platform $24.8B total · $3.1B / active year 8 active years · 8 buys reportedGEGeneral Electric Company (GE) Bolt On $23.8B total · $2.4B / active year 10 active years · 12 buys reportedGDGeneral Dynamics Corporation (GD) Geographic Expansion $22.4B total · $2B / active year 11 active years · 28 buys reportedLHXL3harris Technologies, Inc. (LHX) Geographic Expansion $17.5B total · $2.2B / active year 8 active years · 10 buys reportedTDGTransDigm Group Incorporated (TDG) Bolt On $15.3B total · $803M / active year 19 active years · 45 buys reportedLMTLockheed Martin Corporation (LMT) Bolt On $13.4B total · $1.3B / active year 10 active years · 13 buys reportedBATHE Boeing Company (BA) Bolt On $9.8B total · $817M / active year 12 active years · 8 buys reportedHEIHeico Corporation (HEI) Geographic Expansion $5.8B total · $292M / active year 20 active years · 61 buys reportedXTIAXTI Aerospace, Inc. (XTIA) Platform $5.1B total · $1.3B / active year 4 active yearsMOG-AMOOG Inc. (MOG-A) Geographic Expansion $5B total · $312M / active year 16 active years · 40 buys reportedTXTTextron Inc. (TXT) Bolt On $4.6B total · $288M / active year 16 active years · 36 buys reportedEMBJEmbraer S.a. (EMBJ) Geographic Expansion $4.3B total · $722M / active year 6 active years · 5 buys reportedHIIHuntington Ingalls Industries, Inc. (HII) Geographic Expansion $3.3B total · $408M / active year 8 active years · 9 buys reportedWWDWoodward, Inc. (WWD) Geographic Expansion $2.5B total · $246M / active year 10 active years · 13 buys reportedSPAISafe PRO Group Inc. (SPAI) Mixed strategy $2.2B total · $2.2B / active year 1 active years · 2 buys reportedAIRAAR Corp. (AIR) Bolt On $2.2B total · $156M / active year 14 active years · 9 buys reportedMRCYMercury Systems, Inc. (MRCY) Bolt On $1.7B total · $138M / active year 12 active years · 18 buys reportedVSECVSE Corporation (VSEC) Geographic Expansion $1.5B total · $115M / active year 13 active years · 16 buys reportedCWCurtiss-wright Corporation (CW) Bolt On $1.4B total · $128M / active year 11 active years · 42 buys reportedAXONAxon Enterprise, Inc. (AXON) Technology Acquisition $1.3B total · $135M / active year 10 active years · 16 buys reportedSPCEVirgin Galactic Holdings, Inc (SPCE) Technology Acquisition $1.3B total · $1.3B / active year 1 active yearsESLTElbit Systems Ltd. (ESLT) Technology Acquisition $1.2B total · $98M / active year 12 active years · 19 buys reportedBWXTBWX Technologies, Inc. (BWXT) Geographic Expansion $1.1B total · $125M / active year 9 active years · 12 buys reportedDCODucommun Incorporated (DCO) Horizontal Consolidation $1B total · $85M / active year 12 active years · 13 buys reportedLOARLoar Holdings Inc. (LOAR) Tuck In $891M total · $446M / active year 2 active years · 1 buys reportedATROAstronics Corporation (ATRO) Geographic Expansion $688M total · $63M / active year 11 active years · 12 buys reportedSWBISmith & Wesson Brands, Inc. (SWBI) Geographic Expansion $642M total · $80M / active year 8 active years · 14 buys reportedPOWWOutdoor Holding Company (POWW) Mixed strategy $599M total · $100M / active year 6 active years · 6 buys reportedAMTMAmentum Holdings, Inc. (AMTM) Mixed strategy $558M total · $279M / active year 2 active years · 2 buys reportedDRSLeonardo DRS, Inc. (DRS) Mixed strategy $544M total · $181M / active year 3 active years · 1 buys reportedVVXV2X, Inc. (VVX) Platform $490M total · $61M / active year 8 active years · 8 buys reportedKTOSKratos Defense & Security Solutions, Inc. (KTOS) Horizontal Consolidation $480M total · $37M / active year 13 active years · 7 buys reportedAVAVAerovironment, Inc. (AVAV) Technology Acquisition $477M total · $68M / active year 7 active years · 11 buys reportedDFSCDEFSEC Technologies Inc. (DFSC) Technology Acquisition $455M total · $455M / active year 1 active years · 1 buys reportedDPRODraganfly Inc. (DPRO) Mixed strategy $358M total · $358M / active year 1 active yearsCDRECadre Holdings, Inc. (CDRE) Mixed strategy $287M total · $96M / active year 3 active years · 3 buys reportedRKLBRocket Lab Corporation (RKLB) Mixed strategy $284M total · $71M / active year 4 active years · 3 buys reportedFLYFirefly Aerospace Inc. (FLY) Bolt On $277M total · $277M / active year 1 active years · 1 buys reportedHXLHexcel Corporation (HXL) Bolt On $248M total · $83M / active year 3 active years · 4 buys reportedRDWRedwire Corporation (RDW) Platform $219M total · $55M / active year 4 active years · 4 buys reportedCODACoda Octopus Group, Inc. (CODA) Bolt On $201M total · $40M / active year 5 active years · 5 buys reportedVOYGVoyager Technologies, Inc. (VOYG) Vertical Integration $152M total · $152M / active year 1 active yearsACHRArcher Aviation Inc. (ACHR) Technology Acquisition $126M total · $126M / active year 1 active years · 1 buys reportedSAROStandardAero, Inc. (SARO) Mixed strategy $114M total · $114M / active year 1 active years · 1 buys reportedSIFSIFCO Industries, Inc. (SIF) Bolt On $86M total · $14M / active year 6 active years · 6 buys reportedRGRSturm, Ruger & Company, Inc. (RGR) Bolt On $72M total · $24M / active year 3 active years · 2 buys reportedNPKNational Presto Industries, Inc. (NPK) Mixed strategy $61M total · $10M / active year 6 active years · 5 buys reportedBLISNAPC Defense, Inc. (BLIS) Platform $60M total · $60M / active year 1 active years · 1 buys reportedISSCInnovative Solutions and Support, Inc. (ISSC) Technology Acquisition $50M total · $25M / active year 2 active years · 5 buys reportedPEWGrabAGun Digital Holdings Inc. (PEW) Geographic Expansion $50M total · $50M / active year 1 active yearsGPUSHyperscale Data, Inc. (GPUS) Bolt On $38M total · $8M / active year 5 active years · 3 buys reportedKRMNKarman Holdings Inc. (KRMN) Vertical Integration $31M total · $31M / active year 1 active years · 1 buys reportedAIRIAIR Industries Group (AIRI) Horizontal Consolidation $29M total · $7M / active year 4 active years · 8 buys reportedVWAVVisionWave Holdings, Inc. (VWAV) Platform $22M total · $22M / active year 1 active years · 1 buys reportedOPXSOptex Systems Holdings, Inc. (OPXS) Technology Acquisition $21M total · $7M / active year 3 active years · 3 buys reportedPLPlanet Labs PBC (PL) Bolt On $20M total · $10M / active year 2 active yearsTATTTAT Technologies Ltd. (TATT) Mixed strategy $19M total · $5M / active year 4 active years · 3 buys reportedLUNRIntuitive Machines, Inc. (LUNR) Bolt On $15M total · $15M / active year 1 active years · 1 buys reportedPKEPark Aerospace Corp. (PKE) Bolt On $15M total · $2M / active year 6 active years · 3 buys reportedCVUCPI Aerostructures, Inc. (CVU) Mixed strategy $6M total · $6M / active year 1 active years · 1 buys reportedBYRNByrna Technologies Inc. (BYRN) Bolt On $6M total · $3M / active year 2 active years · 6 buys reportedBUKSButler National Corporation (BUKS) Mixed strategy $5M total · $2M / active year 3 active years · 4 buys reportedEHEHang Holdings Limited (EH) Mixed strategy $2M total · $1M / active year 2 active yearsASTCASTROTECH Corp (ASTC) Technology Acquisition $2M total · $2M / active year 1 active years · 1 buys reportedSIDUSidus Space, Inc. (SIDU) Technology Acquisition $1M total · $500K / active year 2 active years · 2 buys reportedHWKEHawkeye Systems, Inc. (HWKE) Platform $800K total · $800K / active year 1 active years · 1 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
RTX CorporationRTXBolt On
$40.1B
$3.1B13

Paused

$1.6B prior

Northrop Grumman Corp.NOCPlatform
$24.8B
$3.1B8

Steady

+0% (count)

General Electric CompanyGEBolt On
$23.8B
$2.4B12

Paused

$1.5B prior

General Dynamics CorporationGDGeographic Expansion
$22.4B
$2B28

Paused

$203M prior

L3harris Technologies, Inc.LHXGeographic Expansion
$17.5B
$2.2B10

New cycle

$13.4B recent

TransDigm Group IncorporatedTDGBolt On
$15.3B
$803M45

Accelerating

+155%

Lockheed Martin CorporationLMTBolt On
$13.4B
$1.3B13

Steady

+0% (count)

THE Boeing CompanyBABolt On
$9.8B
$817M8

New cycle

$1.4B recent

Heico CorporationHEIGeographic Expansion
$5.8B
$292M61

Accelerating

+405%

XTI Aerospace, Inc.XTIAPlatform
$5.1B
$1.3BN/A

Paused

$17M prior

MOOG Inc.MOG-AGeographic Expansion
$5B
$312M40

Accelerating

+1579%

Textron Inc.TXTBolt On
$4.6B
$288M36

New cycle

$15M recent

Embraer S.a.EMBJGeographic Expansion
$4.3B
$722M5

Paused

$4M prior

Huntington Ingalls Industries, Inc.HIIGeographic Expansion
$3.3B
$408M9

Winding down

$2.2B → $132M

Woodward, Inc.WWDGeographic Expansion
$2.5B
$246M13

Cooling

-71%

Safe PRO Group Inc.SPAIN/A
$2.2B
$2.2B2

New cycle

$2.2B recent

AAR Corp.AIRBolt On
$2.2B
$156M9

New cycle

$1.5B recent

Mercury Systems, Inc.MRCYBolt On
$1.7B
$138M18

Winding down

$713M → $5M

VSE CorporationVSECGeographic Expansion
$1.5B
$115M16

New cycle

$896M recent

Curtiss-wright CorporationCWBolt On
$1.4B
$128M42

Steady

-20%

Axon Enterprise, Inc.AXONTechnology Acquisition
$1.3B
$135M16

New cycle

$1.3B recent

Virgin Galactic Holdings, IncSPCETechnology Acquisition
$1.3B
$1.3BN/A

Paused

$1.3B prior

Elbit Systems Ltd.ESLTTechnology Acquisition
$1.2B
$98M19

Winding down

$385M → $10M

BWX Technologies, Inc.BWXTGeographic Expansion
$1.1B
$125M12

Accelerating

+700%

Ducommun IncorporatedDCOHorizontal Consolidation
$1B
$85M13

Accelerating

+57%

Loar Holdings Inc.LOARTuck In
$891M
$446M1

New cycle

$891M recent

Astronics CorporationATROGeographic Expansion
$688M
$63M12

New cycle

$22M recent

Smith & Wesson Brands, Inc.SWBIGeographic Expansion
$642M
$80M14

Steady

+0% (count)

Outdoor Holding CompanyPOWWN/A
$599M
$100M6

Accelerating

+368%

Amentum Holdings, Inc.AMTMN/A
$558M
$279M2

New cycle

$558M recent

Leonardo DRS, Inc.DRSN/A
$544M
$181M1

New cycle

$511M recent

V2X, Inc.VVXPlatform
$490M
$61M8

Cooling

-86%

Kratos Defense & Security Solutions, Inc.KTOSHorizontal Consolidation
$480M
$37M7

Winding down

$196M → $12M

Aerovironment, Inc.AVAVTechnology Acquisition
$477M
$68M11

Winding down

$446M → $29M

DEFSEC Technologies Inc.DFSCTechnology Acquisition
$455M
$455M1

Paused

$455M prior

Draganfly Inc.DPRON/A
$358M
$358MN/A

Paused

$358M prior

Cadre Holdings, Inc.CDREN/A
$287M
$96M3

Accelerating

+317%

Rocket Lab CorporationRKLBN/A
$284M
$71M3

Steady

+15%

Firefly Aerospace Inc.FLYBolt On
$277M
$277M1

New cycle

$277M recent

Hexcel CorporationHXLBolt On
$248M
$83M4

Steady

+0% (count)

Redwire CorporationRDWPlatform
$219M
$55M4

Accelerating

+460%

Coda Octopus Group, Inc.CODABolt On
$201M
$40M5

New cycle

$9M recent

Voyager Technologies, Inc.VOYGVertical Integration
$152M
$152MN/A

New cycle

$152M recent

Archer Aviation Inc.ACHRTechnology Acquisition
$126M
$126M1

New cycle

$126M recent

StandardAero, Inc.SARON/A
$114M
$114M1

New cycle

$114M recent

SIFCO Industries, Inc.SIFBolt On
$86M
$14M6

Steady

+0% (count)

Sturm, Ruger & Company, Inc.RGRBolt On
$72M
$24M2

Cooling

-73%

National Presto Industries, Inc.NPKN/A
$61M
$10M5

Paused

$25M prior

NAPC Defense, Inc.BLISPlatform
$60M
$60M1

Paused

$60M prior

Innovative Solutions and Support, Inc.ISSCTechnology Acquisition
$50M
$25M5

New cycle

$50M recent

GrabAGun Digital Holdings Inc.PEWGeographic Expansion
$50M
$50MN/A

New cycle

$50M recent

Hyperscale Data, Inc.GPUSBolt On
$38M
$8M3

Accelerating

+695%

Karman Holdings Inc.KRMNVertical Integration
$31M
$31M1

New cycle

$31M recent

AIR Industries GroupAIRIHorizontal Consolidation
$29M
$7M8

Steady

+0% (count)

VisionWave Holdings, Inc.VWAVPlatform
$22M
$22M1

New cycle

$22M recent

Optex Systems Holdings, Inc.OPXSTechnology Acquisition
$21M
$7M3

New cycle

$1M recent

Planet Labs PBCPLBolt On
$20M
$10MN/A

New cycle

$20M recent

TAT Technologies Ltd.TATTN/A
$19M
$5M3

Steady

+0% (count)

Intuitive Machines, Inc.LUNRBolt On
$15M
$15M1

New cycle

$15M recent

Park Aerospace Corp.PKEBolt On
$15M
$2M3

Steady

+0% (count)

CPI Aerostructures, Inc.CVUN/A
$6M
$6M1

Steady

+0% (count)

Byrna Technologies Inc.BYRNBolt On
$6M
$3M6

Paused

$6M prior

Butler National CorporationBUKSN/A
$5M
$2M4

New cycle

$5M recent

EHang Holdings LimitedEHN/A
$2M
$1MN/A

New cycle

$2M recent

ASTROTECH CorpASTCTechnology Acquisition
$2M
$2M1

Steady

+0% (count)

Sidus Space, Inc.SIDUTechnology Acquisition
$1M
$500K2

New cycle

$1M recent

Hawkeye Systems, Inc.HWKEPlatform
$800K
$800K1

Steady

+0% (count)

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“Acquisitions have been an important element of our growth strategy over the past thirty-five years”

Heico CorporationHEIFY2025

“we acquire or divest businesses and strategically realign businesses within and across our business segments to optimize existing capabilities and enhance the efficiency”

L3harris Technologies, Inc.LHXFY2026

“growth through the acquisition of additional companies”

VSE CorporationVSECFY2025

“exploring growth strategies across our segments through strategic investments and acquisitions to expand and complement our existing businesses”

BWX Technologies, Inc.BWXTFY2025

“Changes in competitive conditions, including the availability of new technologies, products and services, the introduction of new channels of distribution, changes in OEM and aftermarket pricing, and further consolidation of companies in our industries, could impact our relationships with our customers and may adversely affect future sales and margins”

Woodward, Inc.WWDFY2022

“We continue to grow our global footprint through acquisitions, expansions and significant renovations in strategic business aviation markets most frequented by these customers.”

General Dynamics CorporationGDFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Commercial Aerospace Components

594

Commercial aircraft parts, proprietary components, interiors, actuation, controls, and aftermarket content.

Buyers

67

Core

39

Spend

$221.3B

2006–2025 · last year 35

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

021412006: 37 buys · $7.4B spend · 15 buyers2007: 41 buys · $10.3B spend · 14 buyers2008: 29 buys · $6.8B spend · 16 buyers2009: 36 buys · $7.1B spend · 14 buyers2010: 33 buys · $8.9B spend · 15 buyers2011: 41 buys · $6B spend · 16 buyers2012: 18 buys · $18.8B spend · 8 buyers2013: 25 buys · $9.6B spend · 12 buyers2014: 27 buys · $3.8B spend · 13 buyers2015: 35 buys · $15.2B spend · 15 buyers2016: 19 buys · $4.5B spend · 10 buyers2017: 35 buys · $15.8B spend · 19 buyers2018: 28 buys · $38.3B spend · 20 buyers2019: 28 buys · $23.1B spend · 19 buyers2020: 16 buys · $3B spend · 10 buyers2021: 26 buys · $6.5B spend · 16 buyers2022: 29 buys · $3.4B spend · 16 buyers2023: 17 buys · $11.3B spend · 13 buyers2024: 37 buys · $14.9B spend · 22 buyers2025: 33 buys · $6.5B spend · 25 buyers2006: 37 buys · $7.4B spend · 15 buyers2007: 41 buys · $10.3B spend · 14 buyers2008: 29 buys · $6.8B spend · 16 buyers2009: 36 buys · $7.1B spend · 14 buyers2010: 33 buys · $8.9B spend · 15 buyers2011: 41 buys · $6B spend · 16 buyers2012: 18 buys · $18.8B spend · 8 buyers2013: 25 buys · $9.6B spend · 12 buyers2014: 27 buys · $3.8B spend · 13 buyers2015: 35 buys · $15.2B spend · 15 buyers2016: 19 buys · $4.5B spend · 10 buyers2017: 35 buys · $15.8B spend · 19 buyers2018: 28 buys · $38.3B spend · 20 buyers2019: 28 buys · $23.1B spend · 19 buyers2020: 16 buys · $3B spend · 10 buyers2021: 26 buys · $6.5B spend · 16 buyers2022: 29 buys · $3.4B spend · 16 buyers2023: 17 buys · $11.3B spend · 13 buyers2024: 37 buys · $14.9B spend · 22 buyers2025: 33 buys · $6.5B spend · 25 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)